(ACHR) 2023 Q3 法說會逐字稿

Good afternoon. Thank you for attending today's Archer Aviation Q3 2023 Financial Results Conference Call. My name is Cole, and I'll be the moderator for today's call. (Operator Instructions)

午安.感謝您參加今天的 Archer Aviation 2023 年第三季財務業績電話會議。我叫科爾，我將擔任今天電話會議的主持人。 （操作員說明）

I'd now like to turn the conference over to our host, Andy Missan. Please go ahead.

現在我想將會議交給我們的主持人安迪·米桑。請繼續。

Thank you, Operator. Good afternoon, everyone, and thank you for joining us today to review Archer's third quarter 2023 operating and financial results. My name is Andy Missan, Chief Legal Officer of Archer. On the call today are Adam Goldstein, our Founder and CEO; Mark Mesler, our CFO; and Tom Muniz, our COO.

謝謝你，接線生。大家下午好，感謝您今天加入我們回顧 Archer 2023 年第三季的營運與財務表現。我是安迪‧米桑 (Andy Missan)，Archer 的首席法務官。今天參加電話會議的是我們的創辦人兼執行長 Adam Goldstein；馬克‧梅斯勒，我們的財務長；和我們的營運長 Tom Muniz。

During today's call, we will be making forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. For more information about these risks and uncertainties, please refer to our SEC filings under the caption Risk Factors. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在今天的電話會議中，我們將做出前瞻性聲明。這些陳述涉及風險和不確定性，可能導致實際結果與前瞻性陳述預期的結果有重大差異。有關這些風險和不確定性的更多信息，請參閱我們向 SEC 提交的“風險因素”標題下的文件。我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of certain GAAP to non-GAAP measures is included in our shareholder letter posted on our IR website.

在本次電話會議中，我們將討論公認會計原則和非公認會計原則財務指標。我們在 IR 網站上發布的股東信中包含了某些 GAAP 與非 GAAP 措施的調整。

And now I'd like to turn the call over to Adam. Adam?

現在我想把電話轉給亞當。亞當？

Thanks, Andy. I founded Archer just over 5 years ago, and this month our team concluded the maiden flight of our third-generation eVOTL aircraft, Midnight. People often ask how we've been able to make such rapid progress. My goal since Day 1 was to find the most efficient path to commercialize eVTOL. We've been able to get to this point only because of our relentless focus on that goal.

謝謝，安迪。我在 5 年前創立了 Archer，本月我們的團隊完成了第三代 eVOTL 飛機 Midnight 的首飛。人們經常問我們如何能夠取得如此快速的進步。從第一天起，我的目標就是找到實現 eVTOL 商業化的最有效方法。我們之所以能夠走到這一步，只是因為我們堅持不懈地專注於此目標。

Launching any new industry is difficult, mainly because there's no playbook to do so, and bringing to market the first electric aircraft is incrementally harder. Being at the forefront of the industry means we often are setting the standard for the first time. Archer was the first eVTOL aircraft company to announce it was going public, the first to launch a significant partnership with a major airline, and I believe the first company to build an electric aircraft specifically around a tailored business model. We are writing the playbook for the urban air mobility industry.

啟動任何新產業都很困難，主要是因為沒有可行的方案，而且將第一架電動飛機推向市場也越來越困難。處於行業前沿意味著我們常常是第一次製定標準。 Archer 是第一家宣布上市的電動垂直起降飛機公司，也是第一家與大型航空公司建立重要合作夥伴關係的公司，我相信也是第一家專門圍繞定製商業模式製造電動飛機的公司。我們正在為城市空中交通產業編寫劇本。

Today, I want to talk about the latest chapters in that playbook, including the progress we've made on our aircraft as well as the pieces of our commercialization plan we unveiled this quarter and plan to continue to mature during the fourth quarter and the next year.

今天，我想談談該劇本中的最新章節，包括我們在飛機上取得的進展以及我們本季度公佈的商業化計劃的各個部分，併計劃在第四季度和下一季度繼續成熟年。

On the engineering front, Archer has built and now flown what we believe to be the world's most advanced eVOTL, which delicately balances performance and cost, design for certification, manufacturability and scaled operations from the outset. To date, we have logged flights over 4 years across 3 generations of aircraft, including 2 years of full-scale flight testing with Maker. We incorporated the years of learnings from test-flying Maker into the Midnight program, and we're now able to see the benefits of those efforts take to the sky.

在工程方面，Archer 建造並飛行了我們認為世界上最先進的 eVOTL，它從一開始就在性能和成本、認證設計、可製造性和規模化運營之間進行了微妙的平衡。到目前為止，我們已經記錄了 3 代飛機超過 4 年的飛行記錄，其中包括 Maker 進行的 2 年全面飛行測試。我們將多年來從 Maker 試飛中學到的知識融入 Midnight 計劃中，現在我們能夠看到這些努力在升空方面帶來的好處。

This quarter, we continued rapidly advancing our flight test program and beginning to fly our production-designed aircraft, Midnight. The Midnight aircraft, to our knowledge, is the largest all-electric VTOL in the world, weighing over 6,000 pounds, substantially larger than our competitors' aircraft, which are closer to 4,000 pounds or less. This is important because we continue to believe the only way to achieve 1,000 pounds of payload is to fly a 6,000-pound, or greater, aircraft. We believe that our competitors will eventually need to scale up to the next size after several redesign cycles in order to support a comparable payload.

本季度，我們繼續快速推進我們的飛行測試計劃，並開始飛行我們生產設計的飛機 Midnight。據我們所知，Midnight 飛機是世界上最大的全電動垂直起降飛機，重量超過 6,000 磅，比我們競爭對手的飛機大得多，後者的重量接近 4,000 磅或更輕。這一點很重要，因為我們仍然相信實現 1,000 磅有效載荷的唯一方法是駕駛 6,000 磅或更大的飛機。我們相信，我們的競爭對手最終需要在幾個重新設計週期後擴大到下一個尺寸，以支援可比較的有效載荷。

The Archer team designed Midnight to that weight under the leadership of our COO and Head of Engineering, Tom Muniz, and our Chief Engineer, Geoff Bower. Tom and Geoff have designed, built, flown 7 different eVOTLs apiece, understand firsthand the complexities of eVOTL trade-offs and the requirements necessary to carry a total payload of 4 passengers and a pilot.

Archer 團隊在我們的營運長兼工程主管 Tom Muniz 和我們的總工程師 Geoff Bower 的領導下，設計了達到如此重量的 Midnight。 Tom 和 Geoff 分別設計、建造和飛行了 7 種不同的 eVOTL，親身了解 eVOTL 權衡的複雜性以及承載 4 名乘客和一名飛行員的總有效載荷所需的要求。

When Midnight took off earlier this month, Archer's COO, Tom Muniz, remarked that after seeing 7 eVOTL first flights, the Midnight first flight was by far the best first flight he's seen. We'll hear from Tom in a moment, and he'll tell you more about why it was the best first flight he's seen, how we got to this point and how we're working hand-in-hand with the FAA to ensure timely certification of Midnight so we can begin commercial service in 2025.

當 Midnight 本月早些時候起飛時，Archer 的首席營運長 Tom Muniz 表示，在經歷了 7 次 eVOTL 首飛後，Midnight 首飛是迄今為止他見過的最好的首飛。我們稍後會聽到湯姆的來信，他會告訴您更多關於為什麼這是他所見過的最好的首次飛行、我們如何走到這一步以及我們如何與美國聯邦航空局攜手合作以確保及時獲得Midnight 認證，以便我們可以在2025 年開始商業服務。

To enable certification, we are ramping up to produce a fleet of 6 Midnight aircraft to use in our [for-credit] testings with the FAA.

為了獲得認證，我們正在加緊生產由 6 架 Midnight 飛機組成的機隊，用於我們與 FAA 進行的[信用]測試。

With our rapid progress on the aircraft development front, we're seeing significant demand for Midnight, both domestically and abroad. In the U.S., our teams are focused on building out launch networks across a number of America's largest cities. We remain on path to make New York City our first launch market, in partnership with the City of New York, the Economic Development Council, Mayor Adam's office and the Port Authority of New Jersey and New York.

隨著我們在飛機開發方面的快速進展，我們看到國內外對 Midnight 的巨大需求。在美國，我們的團隊專注於在美國一些最大的城市建立發射網路。我們將繼續與紐約市、經濟發展委員會、亞當市長辦公室以及新澤西州和紐約港務局合作，將紐約市作為我們的第一個啟動市場。

Our aim remains to begin this New York City service with United Airlines, our partner who has placed an up-to-$1 billion order for up to 200 aircraft. United has already made a $10 million predelivery payment against the first half of this order, and it's the only airline in the world to make a deposit of this size. I'm grateful to our counterpart, Mike Leskinen, at United, who truly pioneered strategic relationships between traditional airlines and eVTOL OEMs. We are proud to continue working with him as he takes on his new role of EVP and Chief Financial Officer at United. Congratulations, Mike.

我們的目標仍然是與聯合航空公司合作啟動紐約市航線，我們的合作夥伴聯合航空公司已下了價值 10 億美元的訂單，購買多達 200 架飛機。美聯航已針對該訂單的前半部分支付了 1,000 萬美元的預付款，並且它是世界上唯一一家支付如此規模訂金的航空公司。我感謝聯合航空的 Mike Leskinen，他真正開創了傳統航空公司與 eVTOL OEM 之間的戰略關係。當他擔任美聯航執行副總裁兼財務長的新職位時，我們很榮幸能夠繼續與他合作。恭喜，麥克。

Over the coming weeks and months, you can expect to hear more about how New York City is embracing this new form of transportation, and we'll share more details about how we're working across the other major U.S. cities to bring eVTOL to market.

在接下來的幾週和幾個月裡，您可以期待聽到更多有關紐約市如何擁抱這種新型交通的信息，我們將分享更多關於我們如何在美國其他主要城市合作將eVTOL 推向市場的詳細資訊。

Earlier this year, we announced alongside Governor J.B. Pritzker and the Chicago Mayor's Office that Archer will help the state of Illinois and City of Chicago achieve its goal of 100% clean energy usage over the coming years.

今年早些時候，我們與州長 J.B. Pritzker 和芝加哥市長辦公室一起宣布，Archer 將幫助伊利諾伊州和芝加哥市在未來幾年實現 100% 使用清潔能源的目標。

In Miami, I first met Mayor Suarez over 2 years ago, and I remain incredibly excited about what all-electric air taxis will look like in south Florida, in partnership with him and the state.

兩年多前，我在邁阿密第一次見到蘇亞雷斯市長，我仍然對與他和州政府合作在佛羅裡達州南部推出全電動空中計程車的樣子感到非常興奮。

In Georgia, where we are bringing up our high-volume manufacturing facility with our partner, Stellantis, we have an unparalleled opportunity to help decongest Atlanta, one of the biggest metros in the country.

在喬治亞州，我們與合作夥伴 Stellantis 一起建立了大批量生產設施，我們有一個無與倫比的機會來幫助緩解該國最大的大都市之一的亞特蘭大的交通擁堵。

And we just spent several days in North Texas with Governor Greg Abbott, Ross Perot, Jr., and former President, George W. Bush, to discuss how urban air mobility will fundamentally evolve the fabric of cities like Dallas, Houston and Fort Worth.

我們剛剛在德克薩斯州北部與州長格雷格·阿博特、小羅斯·佩羅和前總統喬治·W·布希一起待了幾天，討論城市空中交通將如何從根本上改變達拉斯、休斯頓和沃斯堡等城市的結構。

Finally, right here at home, I'm grateful for the leadership of Governor Newsom and the legislators who have now signed SB 800 into law, establishing the Advanced Air Mobility and Aviation Electrification Committee to assess, among other things, pathways for feasible implementation of electrification goals for the aviation industry. This is critical to enable us to reach our goal of launching our service in 2025 and being available across the San Francisco Bay area and Los Angeles, by the L.A. Olympics in 2028.

最後，在國內，我感謝紐瑟姆州長和立法者的領導，他們現已將 SB 800 簽署為法律，成立了先進空中機動和航空電氣化委員會，以評估可行實施的途徑等。航空業的電氣化目標。這對於我們實現在 2025 年推出服務並在 2028 年洛杉磯奧運會之前在舊金山灣區和洛杉磯提供服務的目標至關重要。

Internationally, I am seeing strong demand for Archer's aircraft all across the globe, from heads of state, civil aviation authorities and economic development agencies.

在國際上，我看到全球各國元首、民航當局和經濟發展機構對阿徹飛機的強勁需求。

There are several factors we look at when we think about working with a new region. We want to focus on markets that are large and growing, where we can help attack a fundamental problem with congestion and time savings in that country. We look for top-level government and regulatory support to align stakeholders at all levels (inaudible). And we look for support from like-minded commercial partners in the region that can help us navigate the right way to do business in the country.

當我們考慮與新地區合作時，我們會考慮幾個因素。我們希望專注於規模龐大且不斷成長的市場，我們可以幫助解決全國擁擠和節省時間的根本問題。我們尋求高層政府和監管支持，以協調各級利害關係人（聽不清楚）。我們尋求該地區志同道合的商業合作夥伴的支持，幫助我們找到在該國開展業務的正確方法。

Last month, I had the honor of announcing our first international market, which meets all these criteria and more: the UAE. Home to the burgeoning cities of Dubai and Abu Dhabi and, more importantly, a steadfast commitment to innovation and clean transportation. We, of course, have been deeply familiar with the UAE for years, counting Mubadala, Abu Dhabi's sovereign wealth fund, as an investor since we went public in 2021.

上個月，我有幸宣布我們的第一個國際市場，它滿足所有這些標準甚至更多：阿聯酋。這裡是杜拜和阿布達比等新興城市的所在地，更重要的是，這裡堅定地致力於創新和清潔交通。當然，我們多年來一直對阿聯酋非常熟悉，自 2021 年上市以來，阿布達比主權財富基金 Mubadala 是我們的投資者。

A few weeks ago, we deepened our collaboration with the UAE, as we announced with the Abu Dhabi Investment Office, ADIO, a government entity responsible for economic development across the country, plans for ADIO to provide incentives for us to launch electric air taxis and build out an international hub in the country. I had the pleasure of traveling to Abu Dhabi to sign this agreement with His Excellency Badr Al-Olama, ADIO's Director General, alongside His Highness Sheik Hamdan bin Mohammed bin Zayed Al Nahyan, some of the UAE's most prominent innovators across multiple transportation sectors.

幾週前，我們加深了與阿聯酋的合作，我們與阿布達比投資辦公室、負責全國經濟發展的政府實體 ADIO 宣布，計劃 ADIO 為我們推出電動空中計程車和在國內建設國際樞紐。我很高興前往阿布達比與ADIO 總幹事Badr Al-Olama 閣下以及謝赫·哈姆丹·本·穆罕默德·本·扎耶德·阿勒納哈揚殿下簽署這份協議，他們是阿聯酋多個運輸領域最傑出的創新者之一。

This planned strategic initiative is multifaceted to increase plans to launch air taxi services across Dubai and Abu Dhabi as well as an opportunity to bring R&D to the country.

這項計劃中的策略性舉措是多方面的，旨在增加在杜拜和阿布達比推出空中計程車服務的計劃，以及將研發引入該國的機會。

We recently hosted UAE's civil aviation authority, the General Civil Aviation Authority, GCAA, here in California, where they were able to see Midnight and our manufacturing facility. We're proud to have their strong support to certified Midnight, alongside the FAA, to enable commercial entry as soon as possible as well as the partnership of Falcon Aviation, one of the country's leading rotorcraft operators, and GAL-AMMROC, an MRO leader across the country, both (inaudible) we announced MOUs with.

我們最近在加州接待了阿聯酋民航局、民航總局 (GCAA)，他們在那裡參觀了 Midnight 和我們的製造工廠。我們很自豪能夠得到他們對Midnight 認證的大力支持，以及美國聯邦航空局(FAA) 的大力支持，以盡快實現商業化，並與美國領先的旋翼機運營商之一獵鷹航空(Falcon Aviation) 和MRO 領導者GAL-AMMROC 建立合作夥伴關係在全國範圍內，我們都與我們宣布了諒解備忘錄（聽不清楚）。

In celebration of the strategic initiative to bring Archer to the UAE, we have worked with our long-time investor, Mubadala, Abu Dhabi's sovereign wealth fund, to showcase our Midnight aircraft to the region for the first time at next week's Dubai Airshow as well as the Conference on Aviation and Alternative Fuels, hosted by the GCAA, the following week in Dubai.

為了慶祝將 Archer 引入阿聯酋的戰略舉措，我們與我們的長期投資者阿布扎比主權財富基金 Mubadala 合作，在下週的迪拜航展上首次向該地區展示我們的 Midnight 飛機GCAA 將於下週在迪拜主辦航空和替代燃料會議。

On the heels of the UAE initiative, I'm excited about our announcement earlier today that Archer and InterGlobe Enterprises, India's foremost air travel and hospitality conglomerate, plan to launch an electric air taxi service together across India in 2026. Earlier this week in New Delhi, my team held a signing ceremony with Rahul Bhatia, the Group Managing Director of InterGlobe, to announce our plans to work with InterGlobe to bring safe, sustainable and low-noise electric air taxi services to some of the most highly populated cities in the world.

繼阿聯酋的倡議之後，我很高興今天早些時候宣布，Archer 和印度最重要的航空旅行和酒店集團 InterGlobe Enterprises 計劃於 2026 年在印度各地共同推出電動空中出租車服務。 本週早些時候，印度在德里，我的團隊與InterGlobe 集團董事總經理Rahul Bhatia 舉行了簽字儀式，宣布我們計劃與InterGlobe 合作，為印度一些人口最稠密的城市提供安全、可持續和低噪音的電動空中出租車服務世界。

As part of the initiative, we will work with InterGlobe to set up an entity and will work with select in-country business partners to operate Archer's aircraft, enhance and build vertiport infrastructure and train pilots and other personnel needed for these operations. InterGlobe and Archer also anticipate the purchase of up to 200 of our Midnight aircraft as we bring up operations.

作為該計劃的一部分，我們將與 InterGlobe 合作建立一個實體，並將與選定的國內業務合作夥伴合作運營 Archer 的飛機、加強和建設垂直機場基礎設施​​以及培訓飛行員和這些運營所需的其他人員。 InterGlobe 和 Archer 也預計在我們開始營運時購買多達 200 架 Midnight 飛機。

India is an incredibly important market for eVOTL, and it has the potential to be one of the largest in the world, with Delhi, Bengaluru and Mumbai being our initial focus, where congestion costs cities over $22 billion annually. In these cities, traffic congestion contributes to 20% to 25% at the outdoor pollution, and I hope that Archer can be a part of reducing that over the next decade.

印度是 ​​eVOTL 極其重要的市場，並且有潛力成為世界上最大的市場之一，德里、班加羅爾和孟買是我們最初關注的焦點，這些城市每年因交通擁堵而造成的損失超過 220 億美元。在這些城市，交通擁堵造成了 20% 到 25% 的室外污染，我希望 Archer 能夠在未來十年為減少這個問題做出貢獻。

I founded Archer to help give back time to millions of people and to make cities smarter, better, cleaner, more efficient places to live. Now that Midnight is flying and we are well along the pathway to commercialization, it's clear that major cities around the world have the same goals as Archer does, and we're excited to work with them to bring electric air taxis to market.

我創立 Archer 的目的是幫助數百萬人重新獲得時間，讓城市變得更聰明、更好、更乾淨、更有效率的居住環境。現在 Midnight 正在飛翔，我們正沿著商業化的道路前進，很明顯，世界各地的主要城市都與 Archer 有著相同的目標，我們很高興與他們合作，將電動空中出租車推向市場。

With that, I'll hand it over to Tom to talk about the latest progress with Midnight.

接下來，我將把它交給 Tom 來談談 Midnight 的最新進展。

Thanks, Adam. My team and I were thrilled to see Midnight take to the skies for the first time a few weeks ago. This was the seventh full-scale eVOTL first flight that I've helped lead, and I can confidently say that it was the most special one yet, for several reasons.

謝謝，亞當。幾週前，我和我的團隊很高興看到午夜首次飛上天空。這是我幫助領導的第七次全面的 eVOTL 首飛，我可以自信地說，這是迄今為止最特別的一次，原因有幾個。

First, Midnight is the only flight program which the team and I have intentionally designed to certify and bring to market. After spending almost 15 years of my career in this space, almost all of those focused purely on R&D, I'm proud to say that we are now closer than ever to bringing a certified aircraft to market.

首先，Midnight 是我和團隊特意設計、認證並推向市場的唯一飛行項目。我在這個領域度過了近 15 年的職業生涯，幾乎所有的職業生涯都純粹專注於研發，我很自豪地說，我們現在比以往任何時候都更接近將經過認證的飛機推向市場。

Second, Midnight is the largest eVOTL for which I've led a program, with a max gross rate of over 6,000 pounds and a wingspan of almost 50 feet.

其次，Midnight 是我領導過的最大的 eVOTL 項目，最大總重量超過 6,000 磅，翼展近 50 英尺。

And lastly, our team did an exceptional job of pulling together to make it happen, and they delivered a safe and flawlessly executed flight.

最後，我們的團隊在齊心協力實現這一目標方面表現出色，他們實現了一次安全、完美的飛行。

Midnight's first flight was an important milestone, and it was just one of many big wins we have had recently as we continue executing our design certification and commercialization strategy, building on almost 2 years of flight testing experience and data from our Maker aircraft.

Midnight 的首次飛行是一個重要的里程碑，這只是我們最近的眾多重大勝利之一，我們繼續執行我們的設計認證和商業化戰略，建立在近2 年的飛行測試經驗和來自Maker 飛機的數據的基礎上。

Our strategic plan to use Maker as a technical and certification test bed continues to pay dividends. We intentionally designed Midnight to share the same configuration as Maker so that we'd benefit directly from all of the previous aircraft performance learnings and data. This enables us to model and simulate Midnight's flight behavior more accurately.

我們使用 Maker 作為技術和認證測試平台的策略計劃繼續帶來紅利。我們特意將 Midnight 設計為與 Maker 共享相同的配置，以便我們可以直接從先前的所有飛機性能學習和數據中受益。這使我們能夠更準確地建模和模擬 Midnight 的飛行行為。

Given that foresight, we've been able to apply a tremendous amount of efficiencies from Maker's flight test program directly to Midnight. This, in turn, truncates and actually accelerates our feedback loops as we advance Midnight through its flight test program.

鑑於這種遠見，我們已經能夠將 Maker 的飛行測試計劃的巨大效率直接應用到 Midnight。當我們推進 Midnight 的飛行測試計劃時，這反過來又縮短並實際上加速我們的反饋循環。

Over the coming months, we will drive Midnight through the [full slide envelope], first without a pilot on board, and then we expect to begin piloted flight testing mid next year.

在接下來的幾個月裡，我們將駕駛「午夜」穿越[完整的幻燈片包絡線]，首先機上沒有飛行員，然後我們預計將在明年年中開始有人駕駛的飛行測試。

Our suppliers continue to accelerate manufacturing of parts for our piloted-conforming Midnight aircraft. We'll begin the final assembly integration of the piloted aircraft early next year so that we can start flight testing in the middle of the year. We plan to have the majority of the systems on the first piloted aircraft as well as the aerodynamic shape conform to the type design. We continue to be on path to building a fleet of 6 aircraft that we can use in company testing and, most importantly, full-credit testing with the FAA.

我們的供應商繼續加快我們符合飛行員標準的午夜飛機的零件製造。我們將於明年初開始對駕駛飛機進行組裝集成，以便在年中開始飛行測試。我們計劃讓第一架載人飛機上的大部分系統以及空氣動力學形狀符合型號設計。我們將繼續致力於打造一支由 6 架飛機組成的機隊，可用於公司測試，最重要的是，用於 FAA 的全信用測試。

When I started our R&D program for Maker and Midnight, we made an incredibly important product decision to partner with leading suppliers to provide many of the key systems and components on our aircraft, rather than vertically integrate everything. I made this decision based on 15 years of experience across 7 VOTLs, with a strong belief that this path of leveraging the best partners in the industry will significantly reduce our certification scope and, in turn, provide the fastest path to market, but also provides an aircraft with exceptional performance and operating economics.

當我開始 Maker 和 Midnight 的研發計劃時，我們做出了一個極其重要的產品決策，即與領先的供應商合作，為我們的飛機提供許多關鍵系統和組件，而不是垂直整合所有內容。我基於 7 個 VOTL 15 年的經驗做出了這一決定，我堅信，利用業內最佳合作夥伴的這條道路將顯著縮小我們的認證範圍，進而提供最快的市場路徑，同時也提供具有卓越性能和營運經濟性的飛機。

By leveraging key products with certification heritage from companies such as Honeywell, Garmin and Safran, we take advantage of many years of prior work by our partners and also leverage the decades of experience their teams have as we collaborate to bring Midnight to market.

透過利用Honey韋爾、Garmin 和Safran 等公司的認證傳統關鍵產品，我們利用了合作夥伴多年的先前工作成果，並利用了他們的團隊在我們合作將Midnight 推向市場時所擁有的數十年經驗。

Because of this unique strategy, my team at Archer can maintain laser focus on system integration testing and certification. It also means that on the manufacturing side, our supplier partners deliver turnkey conforming hardware directly to our final assembly facilities and certification test labs. Again, this dramatically reduces scope and costs and simplifies our certification path.

由於這種獨特的策略，我在 Archer 的團隊可以始終專注於系統整合測試和認證。這也意味著在製造方面，我們的供應商合作夥伴直接向我們的組裝設施和認證測試實驗室提供交鑰匙合格硬體。同樣，這極大地縮小了範圍和成本，並簡化了我們的認證路徑。

As we have discussed before, the one area we did intentionally choose to develop in-house is our powertrain. This past quarter, we have continued to progress the maturation of our designs and production capabilities. We are beginning to transition from prototype-style manufacturing to pilot production, and the team is working tirelessly to commission equipment to support our battery and engine production.

正如我們之前討論過的，我們有意選擇內部開發的一個領域是我們的動力系統。上個季度，我們繼續推進設計和生產能力的成熟。我們開始從原型製造過渡到試生產，團隊正在不懈地努力調試設備以支援我們的電池和引擎生產。

In the same vein of partnering for a faster, lower-risk path to market, this week we announced a first-of-its-kind partnership with BETA to accelerate an interoperable charging system across the electric aviation industry. The goal of this collaboration is to spur the widespread rollout of an interoperable electric charging network that follows the standards outlined by GAMA and supports the broad electrification of vehicles. Notably, this GAMA-endorsed standard is harmonized with Europe's standard, (inaudible).

本著合作更快、風險更低的市場路徑的精神，本週我們宣布與 BETA 建立首個此類合作夥伴關係，以加速整個電動航空行業的可互通充電系統。此次合作的目標是促進可互通充電網路的廣泛推廣，該網路遵循 GAMA 制定的標準並支持車輛的廣泛電氣化。值得注意的是，這個 GAMA 認可的標準與歐洲標準一致（聽不清楚）。

These charging systems are already in use at 14 locations across the Eastern U.S., and development work is underway to install them at another 55 locations along the East and Gulf Coasts as well as at Archer's flight test facilities in California.

這些充電系統已在美國東部的 14 個地點投入使用，並且正在進行開發工作，以便將其安裝在東部和墨西哥灣沿岸的另外 55 個地點以及位於加利福尼亞州的 Archer 飛行測試設施中。

On the certification front, I'm excited to share that earlier this week we met with a broad group at the FAA to review the latest airworthiness criteria in our certification basis. This discussion was the culmination of the FAA's work to finalize our proposed airworthiness criteria, which was published in the Federal Register last year. This is a pivotal moment, as we and our partners at the FAA now have a clearer blueprint for the finalized airworthiness criteria that we will utilize in order to get our (inaudible) certificate for Midnight.

在認證方面，我很高興與大家分享，本週早些時候，我們與美國聯邦航空局的一個廣泛的小組會面，審查我們認證基礎中的最新適航標準。這次討論是美國聯邦航空局最終確定我們擬議的適航標準的工作的高潮，該標準已於去年在《聯邦公報》上發布。這是一個關鍵時刻，因為我們和美國聯邦航空局的合作夥伴現在對最終的適航標準有了更清晰的藍圖，我們將利用這些標準來獲得午夜的（聽不清楚）證書。

As a reminder, we are 1 of only 2 eVOTL companies for whom the FAA has published draft airworthiness criteria in the Federal Register, and my understanding is that the FAA is now on the cusp of publishing our final rule.

提醒一下，我們是 FAA 在《聯邦公報》上發布適航標準草案的僅有 2 家 eVOTL 公司之一，我的理解是，FAA 現在即將發布我們的最終規則。

While we have made tremendous progress collaborating with the FAA in many areas of our needs of compliance and certification plans over the past year, much of the progress has been provisional, pending our final rule publication in the Federal Register. This is why we have not given precise numbers for the exact status of the percentage of MOCs or (inaudible), as we feel that it doesn't accurately and transparently reflect the status.

儘管過去一年我們在合規性和認證計劃需求的許多領域與 FAA 合作取得了巨大進展，但大部分進展都是臨時性的，有待我們在《聯邦公報》上發布最終規則。這就是為什麼我們沒有給出 MOC 百分比的確切數字或（聽不清楚），因為我們認為它不能準確和透明地反映狀態。

Our team has carefully analyzed the updated airworthiness criteria, and I'm happy to report that, so far, we don't anticipate any changes which would require a change to the Midnight design in order to comply.

我們的團隊仔細分析了更新的適航標準，我很高興地報告，到目前為止，我們預計不會發生任何需要更改午夜設計才能符合的變化。

I want to give a special thanks to the policy team at the FAA for working tirelessly through this complex process to get us to this point.

我要特別感謝美國聯邦航空局的政策團隊，他們在這個複雜的過程中孜孜不倦地工作，讓我們走到了這一步。

As a notable example of our other recent progress with the FAA, we recently completed a critical week-long full-credit review with the FAA of all aspects of our software certification, including the plan for certification for our flight control software. We passed this formal audit with flying colors (inaudible) findings across all of the data review.

作為我們最近與美國聯邦航空管理局取得的其他進展的一個顯著例子，我們最近與美國聯邦航空局完成了為期一周的關鍵全面信用審查，涉及我們的軟體認證的各個方面，包括我們的飛行控制軟體的認證計劃。我們通過了這次正式審核，並在所有資料審核中取得了出色的（聽不清楚）結果。

Lastly, we're thrilled that the Senate has confirmed a new permanent FAA administrator, Michael Whitaker, who comes from the eVOTL industry. While there are many critical priorities for him to address, we were pleased to see his public comments supporting the prior administration's goal of getting initial eVOTL aircraft into service in 2025.

最後，我們很高興參議院已確認任命一位新的 FAA 常任局長 Michael Whitaker，他來自 eVOTL 行業。雖然他有許多重要的優先事項需要解決，但我們很高興看到他的公開評論支持前政府的目標，即在 2025 年讓首批 eVOTL 飛機投入使用。

And now I'll turn it over to Mark.

現在我會把它交給馬克。

Thanks, Tom. As we advance to our goal of beginning commercial operations in 2025, not only am I excited about the technical and commercial progress Archer is making, I am pleased to see proof points that our overarching strategy of creating the most efficient and capital-light path to market is taking shape.

謝謝，湯姆。隨著我們向 2025 年開始商業運營的目標邁進，我不僅對 Archer 所取得的技術和商業進展感到興奮，而且很高興看到證據證明我們的總體戰略是創造最高效、最輕資本的路徑市場正在形成。

2 concrete examples that our strategy is working manifest themselves in the construction of our high-volume factory in Covington, Georgia, and our operating expense structure compared to the industry. Let me provide further color on each of these proof points.

我們的策略正在發揮作用的兩個具體例子體現在我們在喬治亞州卡溫頓建設的大批量工廠，以及我們與行業相比的營運費用結構。讓我對每個證據點提供進一步的說明。

Recall that we are building our high-volume manufacturing facility on approximately 100 acres in Covington, Georgia. As part of our capital-light path to market, and as Tom discussed, we are leveraging the mature aerospace industry supplier base to develop and build most of our components for Midnight, and we are only developing key differentiating technologies in-house; primarily, our powertrain. We'll essentially be performing final assembly and test work at our Georgia factory, similar to the automotive industry manufacturing process.

回想一下，我們正在喬治亞州卡溫頓佔地約 100 英畝的土地上建造我們的大批量生產設施。作為我們輕資本市場路徑的一部分，正如 Tom 所討論的，我們正在利用成熟的航空航太工業供應商基礎來開發和建造 Midnight 的大部分組件，並且我們只在內部開發關鍵的差異化技術；主要是我們的動力系統。我們基本上將在喬治亞州工廠進行最終組裝和測試工作，類似於汽車行業的製造過程。

Phase 1 of the factory when completed next summer will be roughly a 302,000-square foot factory, with a capacity to assemble and test up to 650 aircraft per year. Our construction cost for this phase of the factory will be about $65 million.

工廠第一期工程將於明年夏天竣工，佔地約 302,000 平方英尺，每年可組裝和測試多達 650 架飛機。我們工廠這一階段的建設成本約為 6500 萬美元。

Other announced manufacturing plans in the industry, we believe that we have the highest factory unit output from a smaller factory footprint than others. Further, our factory construction cost is a fraction of others that have been announced. This data validates our capital-light development and manufacturing strategy.

在業界其他已公佈的製造計劃中，我們相信我們比其他公司以更小的工廠佔地面積實現了最高的工廠單位產量。此外，我們的工廠建設成本只是已公佈的其他工廠的一小部分。這些數據驗證了我們的輕資本開發和製造策略。

Last quarter, I discussed in detail how our current operating expense structure includes quarterly nonrecurring investments alongside some key suppliers to support the development and manufacturing setup of many of our Midnight components. That framework allows us to execute a lower operating cost development model by avoiding the ongoing structural spending of headcount to develop those other individual technologies.

上個季度，我詳細討論了我們目前的營運費用結構如何包括季度非經常性投資以及一些主要供應商，以支援我們許多午夜組件的開發和製造設置。該框架使我們能夠透過避免持續的結構性支出來開發其他單獨的技術，從而執行較低營運成本的開發模型。

Further, we do not have to build out manufacturing capability, capacity and headcount to manufacture the components that we are sourcing from mature aerospace supply base. The factory metrics that we are achieving with construction cost, size and output of our Georgia factory are an outcome of that strategy.

此外，我們不必建立製造能力、產能和人員來製造我們從成熟的航空航太供應基地採購的零件。我們在喬治亞州工廠的建設成本、規模和產量方面所實現的工廠指標就是該策略的結果。

Finally, we believe this strategy also derisks our certification efforts and time to market should we have developed those technologies internally.

最後，我們認為，如果我們在內部開發這些技術，這項策略也會降低我們的認證工作和上市時間的風險。

Our quarterly 2023 spending profile is made up of our core expenses for ongoing operations in addition to nonrecurring investments with vendors to establish our supply base. Our total non-GAAP operating expenses for the first 3 quarters of 2023 were approximately $225 million. Included in those expenses were about $45 million of nonrecurring investments and spending at vendors. Backing those nonrecurring amounts out yields about $180 million of normalized core expenses to operate the business; on average, about a $60 million per quarter run rate. That level of spending is our core structural operating spending that will persist into 2024 and we'll see nonrecurring investments start to tail off in 2024.

我們的 2023 年季度支出概況包括持續營運的核心支出以及與供應商建立供應基地的一次性投資。 2023 年前 3 季我們的非 GAAP 營運支出總額約為 2.25 億美元。這些費用包括約 4500 萬美元的非經常性投資和供應商支出。支援這些非經常性金額會產生約 1.8 億美元的正常化核心費用來經營業務；平均而言，每季運行費用約為 6,000 萬美元。這項支出水準是我們的核心結構性營運支出，將持續到 2024 年，我們將看到非經常性投資在 2024 年開始減少。

Taking stock of everything Archer has achieved over the past 5 years across technology development, culminating in the Midnight flight test campaign, our certification progress that has put us in a leadership position in the industry and building our factory in Georgia, we are achieving this with a lower expense structure than other leaders in the industry.

回顧過去 5 年 Archer 在技術開發方面取得的一切成就，最終實現午夜飛行測試活動，我們的認證進展使我們在行業中處於領先地位，並在佐治亞州建立了我們的工廠，我們正在實現這一目標與業內其他領導者相比，費用結構較低。

Now let's get to our financial performance for Q3 of '23. On a GAAP basis, total operating expenses for Q3 '23 were $46.2 million, which were at the middle of our Q3 '23 estimates. These expenses included $59.1 million of noncash credit for certain RSU grants that were forfeited per our prior estimates for the quarter. That noncash credit was partially offset by $31.7 million of stock-based compensation expenses and $4.4 million of foreign expenses for our warrants issued to Stellantis.

現在讓我們來看看 23 年第三季的財務表現。以 GAAP 計算，23 年第 3 季的總營運費用為 4,620 萬美元，處於我們 23 年第 3 季預測的中間位置。這些費用包括用於某些 RSU 贈款的 5,910 萬美元非現金信貸，根據我們先前對本季度的估計，這些贈款被沒收。該非現金信貸部分被 3,170 萬美元的股票補償費用和 440 萬美元的我們向 Stellantis 發行的認股權證的國外費用所抵消。

We achieved a net loss of $51.6 million for the quarter.

本季我們實現淨虧損 5,160 萬美元。

Non-GAAP operating expenses for the quarter were $66.9 million, which were below the lower end of our estimates range of $75 million to $85 million due to the timing of vendor-related expenses. The $66.9 million included approximately $10 million of nonrecurring vendor spending.

本季非 GAAP 營運費用為 6,690 萬美元，由於供應商相關費用的時間安排，低於我們估計範圍 7,500 萬至 8,500 萬美元的下限。 6,690 萬美元包括約 1,000 萬美元的非經常性供應商支出。

We incurred an adjusted EBITDA loss of $64.8 million, a non-GAAP measure which is outlined and reconciled in our shareholder letter.

我們的調整後 EBITDA 損失為 6,480 萬美元，這是一項非 GAAP 衡量標準，在我們的股東信中進行了概述和核對。

Our operating expenses continue to be primarily driven by investments in headcount, aircraft parts and materials, [pooling], testing and other nonrecurring supplier costs and supporting infrastructure required to scale our business.

我們的營運支出仍然主要由對人員、飛機零件和材料、[聯營]、測試和其他非經常性供應商成本以及擴展業務所需的支援基礎設施的投資所驅動。

We have approximately $600 million of available liquidity in the business. That liquidity is made up of the $461.4 million of cash and cash equivalents and $7.3 million of restricted cash on our balance sheet at the end of the quarter; Stellantis' $70 million investment, which we received on October 16; and the remaining $55 million from the Stellantis equity option previously discussed.

我們的業務擁有約 6 億美元的可用流動資金。截至本季末，我們的資產負債表上的流動性由 4.614 億美元的現金和現金等價物以及 730 萬美元的限制性現金組成；我們於 10 月 16 日收到 Stellantis 的 7,000 萬美元投資；其餘 5,500 萬美元則來自先前討論的 Stellantis 股權選擇權。

Recall that we have other opportunities for nondilutive cash receipts in the form of predelivery payments from United and other potential future orders from our DoD contract, for which we received our first approximately $1 million payment in Q3 of '23.

回想一下，我們還有其他機會獲得非稀釋性現金收入，包括美聯航的預交付付款以及我們國防部合約中的其他潛在未來訂單，為此我們在23 年第三季度收到了第一筆約100 萬美元的付款。

Finally, for Q4 '23, we anticipate total GAAP operating expenses of $100 million to $110 million. Total non-GAAP operating expenses for Q4 '23 are anticipated to be between $75 million to $85 million, including $10 million to $15 million of nonrecurring spending at vendors.

最後，我們預計 23 年第 4 季的 GAAP 營運支出總額為 1 億至 1.1 億美元。 23 年第 4 季的非 GAAP 營運支出總額預計為 7,500 萬美元至 8,500 萬美元，其中包括供應商的 1,000 萬美元至 1,500 萬美元的非經常性支出。

For 2023, this yields $300 million to $310 million of non-GAAP operating expenses, which includes $55 million to $65 million of nonrecurring spending at vendors.

到 2023 年，這將產生 3 億至 3.1 億美元的非 GAAP 營運支出，其中包括 5,500 萬至 6,500 萬美元的供應商非經常性支出。

Operator, we will now open the call up for questions.

接線員，我們現在開始提問。

(Operator Instructions) Our first question is from Bill Peterson, with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的比爾彼得森。

I noticed in the shareholder letter it looks like you have -- the aircraft is no longer to be completed in the fourth quarter, and manned flight looks like it's been pushed also by a quarter or so. Can you provide some more information on this delay and potentially any implication on the certification timeline?

我在股東信中註意到，飛機將不再在第四季度完成，載人飛行似乎也被推遲了四分之一左右。您能否提供有關此延遲以及對認證時間表可能產生的任何影響的更多資訊？

Bill, this is Tom. Happy to answer that. So you're referring to the first conforming piloted aircraft, that we talked about on the call and we've talked about in the past. I think what we've said before is we're still on track to fly that aircraft early to mid-next year, with delivery to flight test kind of on the earlier side next year. Still on track to that. So really no substantive change from our end there.

比爾，這是湯姆。很高興回答這個問題。所以你指的是第一架符合要求的有人駕駛飛機，我們在電話中討論過，我們過去也討論過。我認為我們之前說過的是，我們仍有望在明年初至年中試飛這架飛機，並在明年早些時候交付飛行測試。仍在朝著這個方向前進。所以我們的結局確實沒有實質的改變。

Okay. I'm just comparing the second quarter to third quarter decks. So just it does look like it's about a quarter delay on both sides.

好的。我只是比較第二季和第三季的牌組。所以看起來雙方確實都有大約四分之一的延遲。

In any case, I wanted to ask about the Air Force. I think last quarter again you were expecting to deliver an aircraft towards the end of this year or early next year. I might have missed it, but what is the latest expectation to deliver an aircraft to the U.S. Air Force.

無論如何，我想詢問一下空軍的情況。我認為上個季度您再次期望在今年年底或明年初交付一架飛機。我可能錯過了，但向美國空軍交付一架飛機的最新期望是什麼？

Bill, this is Adam. So we started to execute on the Air Force contract. We received our first payment of nearly $1 million in this quarter, which was relating to an event simulator that we're building. And so we're still working hard on that delivery, and our goal is still to deliver that aircraft here in the coming months, but I don't have anything new to update you on that.

比爾，這是亞當。所以我們開始執行空軍合約。我們在本季度收到了第一筆近 100 萬美元的付款，這筆付款與我們正在建造的事件模擬器有關。因此，我們仍在努力交付，我們的目標仍然是在未來幾個月內交付這架飛機，但我沒有任何新消息可以更新。

Okay. If I could sneak in one more. So you talked about the advantages of working with third parties, like Honeywell and the other ones you mentioned. And a lot -- basically, it seems like all these guys have gone through FAA cert. So as, I guess, a percentage of build materials or some other metric, how many of these third parties have actually gone through certification? Just trying to get a feel for the risks of dealing with third parties versus doing more of this on your own.

好的。如果我能再偷偷溜進去一次就好了。所以您談到了與第三方合作的優勢，例如霍尼韋爾和您提到的其他公司。還有很多——基本上，似乎所有這些人都通過了美國聯邦航空管理局的認證。因此，我想，建築材料的百分比或其他指標，這些第三方中有多少實際上已經通過了認證？只是想了解與第三方打交道與自己做更多事情的風險。

Sure. So the bulk of the suppliers we work with that you're referring to here are the sort of best of the best commercial aerospace suppliers. So like I said earlier on the call, companies like Honeywell, Safran, Garmin. These are groups that have hardware flying in aircraft for all the large commercial airliners that fly today. So we're super confident in their ability to deliver and our strategy there.

當然。因此，您在這裡提到的與我們合作的大多數供應商都是最好的商業航空航天供應商。正如我之前在電話會議上所說，霍尼韋爾、賽峰、Garmin 等公司。這些團體擁有當今所有大型商用客機的飛行硬體。因此，我們對他們的交付能力和我們的策略非常有信心。

And putting it in a little more broader context, what that does for us is let us focus on the system- and aircraft-level work, with them delivering components that come with all the cert heritage, prior test data, et cetera.

把它放在更廣泛的背景下，這對我們來說是讓我們專注於系統和飛機級別的工作，讓他們提供帶有所有證書遺產、先前測試數據等的組件。

Our next question is from Savi Syth, with Raymond James.

我們的下一個問題來自 Savi Syth 和 Raymond James。

I know you've chosen to kind of go with BETA's charging solution, as you announced recently. I was curious what your view is of the pros and cons of BETA's system versus what Joby announced recently and also how difficult it might be to switch between the 2.

我知道您已經選擇採用 BETA 的充電解決方案，正如您最近宣布的那樣。我很好奇您對 BETA 系統與 Joby 最近宣布的系統的優缺點有何看法，以及在這兩者之間切換有多困難。

Sure. It's a great question. So we've been working with a broad group of other eVOTL companies on this for the last many months. And the way we thought about it is it's going to be really important to have an infrastructure system that works for all groups and something that's very standard, because that's what's going to get the investment to really deploy across airports across the country and around the world.

當然。這是一個很好的問題。因此，在過去的幾個月裡，我們一直在與其他 eVOTL 公司廣泛合作。我們的想法是，擁有一個適用於所有群體且非常標準的基礎設施系統非常重要，因為只有這樣才能獲得投資，真正在全國和世界各地的機場部署。

We chose to go with a well-established standard in CCS versus a bespoke process, because that's really what we think the whole industry makes sense, including our partnership with GAMA and all the groups there.

我們選擇採用 CCS 中完善的標準，而不是客製化流程，因為我們認為這確實是整個行業有意義的，包括我們與 GAMA 和那裡所有團體的合作夥伴關係。

As I mentioned on the call, it's also what the European group has proposed in their (inaudible) standard. So we think that makes a lot of sense.

正如我在電話中提到的，這也是歐洲集團在其（聽不清楚）標準中提出的建議。所以我們認為這很有意義。

I did take a quick look at what Joby had proposed. From our first look at that, it looks to be essentially optimized for their particular aircraft and architecture, for something that's more generally useful and applicable.

我確實快速瀏覽了喬比的提議。從我們的第一眼看來，它似乎本質上針對其特定的飛機和架構進行了最佳化，以獲得更普遍有用和適用的東西。

So we're still super happy with our path and that we made the right decision on that.

所以我們仍然對我們的道路非常滿意，並且我們做出了正確的決定。

I appreciate that. And then just on the certification, I realize just until the FAA kind of accepts the J1, a lot of it might be conditional. But I was curious on Archer's front just where you are in terms of submitting some of your plans.

我很感激。然後就認證而言，我意識到在 FAA 接受 J1 之前，許多認證可能都是有條件的。但我很好奇阿切爾在提交一些計劃方面的情況。

Sure. So like you hinted at, the right way to think about this is that it's largely dependent on airworthiness criteria being finalized. And so we're 1 of 2 companies for which draft airworthiness criteria have been published. But our own and, to our belief, nobody else's have been finalized. So until that's complete, there are parts of our MOCs and cert plans that we just can't agree to with the FAA because that higher-level framework needs to be in place. Again, this is true for everybody in the industry.

當然。因此，就像您暗示的那樣，思考這個問題的正確方法是，它在很大程度上取決於最終確定的適航標準。因此，我們是已發布適航標準草案的兩家公司之一。但我們自己的，而且據我們相信，沒有其他人的已經最終確定。因此，在完成之前，我們的 MOC 和認證計劃的某些部分我們無法與 FAA 達成一致，因為需要建立更高級別的框架。再說一次，這對行業中的每個人來說都是如此。

As we said before, we actually have submitted all of our cert plans. I think that was 1 or 2 quarters ago. But in terms of getting those finalized and where we are, we just don't think it makes sense to share specific percentages because it actually could be somewhat misleading; again, because all of this is contingent on getting those final airworthiness criteria published.

正如我們之前所說，我們實際上已經提交了所有的證書計劃。我想那是一兩個季度前的事了。但就最終確定這些目標和我們所處的位置而言，我們認為分享具體百分比是沒有意義的，因為它實際上可能會有些誤導；再次強調，因為這一切都取決於最終適航標準的公佈。

So the good news there is, as I mentioned earlier, we expect the FAA to publish those final rules soon, and that really unlocks our path forward to finalizing MOCs and cert plans over the coming months.

因此，正如我之前提到的，好消息是，我們預計 FAA 很快就會發布這些最終規則，這確實為我們在未來幾個月內最終確定 MOC 和認證計劃開闢了道路。

Our next question is from Andres Sheppard, with Cantor Fitzgerald.

我們的下一個問題來自安德烈斯·謝潑德和坎托·菲茨杰拉德。

I wanted to maybe just touch on the India announcement. That looks like to be pretty significant. It looks like it includes an order to finance up to 200 aircraft. And then it looks like you're also exploring some other use cases for it, and you mentioned logistics, cargo as a couple of them. Curious to get your thoughts there. Just trying to better understand kind of how you're approaching that relationship and particularly that market. Obviously, that's a huge market there. Are you intending to maybe use the Archer direct business model here as opposed to the UAM? Just trying to get a better feel for how you're thinking about it.

我想談談印度的公告。這看起來相當重要。看起來其中包括為最多 200 架飛機提供資金的訂單。然後看起來您還在探索它的其他一些用例，您提到了物流、貨物等。很想知道你的想法。只是想更了解您如何處理這種關係，特別是那個市場。顯然，那裡有一個巨大的市場。您是否打算在這裡使用 Archer 直接業務模式而不是 UAM？只是想更了解您的想法。

Andres, this is Adam. So yes, we are very excited about the partnership that we announced with Rahul Bathia and InterGlobe. InterGlobe is India's largest travel conglomerate, and it's the largest owner of IndiGo, which is the market-leading airline in India and, I believe, the ninth largest airline in the world by passenger volume.

安德烈斯，這是亞當。所以，是的，我們對與 Rahul Bathia 和 InterGlobe 宣布的合作夥伴關係感到非常興奮。 InterGlobe 是印度最大的旅遊集團，也是 IndiGo 的最大所有者，IndiGo 是印度市場領先的航空公司，我相信，以客運量計算，它是世界第九大航空公司。

Fun fact, the former Group CEO of InterGlobe is actually Mike Whitaker, the new FAA administrator. So I thought that was interesting.

有趣的是，InterGlobe 的前集團執行長實際上是新任 FAA 局長 Mike Whitaker。所以我覺得這很有趣。

InterGlobe is a conglomerate, though, that has leadership in aviation, real estate, hospitality. So they really are an ideal partner for us.

不過，InterGlobe 是一家企業集團，在航空、房地產和酒店業領域處於領先地位。所以他們確實是我們理想的合作夥伴。

When we look at these markets, we're really thinking about markets that have the potential for a very large business, a market where there is regulatory support and markets that have in-country partners and the potential for also in-country financial support. And so India has that, and we have that with InterGlobe specifically. And so we thought that was especially compelling.

當我們審視這些市場時，我們真正考慮的是那些有潛力發展大型業務的市場、有監管支持的市場、有國內合作夥伴以及有潛力獲得國內金融支持的市場。印度有這個，我們特別是 InterGlobe 也有這個。所以我們認為這特別引人注目。

If you look at how other large companies have operated internationally, there's some interesting parallels that I think that we can draw. So for example, internationally, we will likely share in the ownership of the operations as well. So InterGlobe has a business partnership with UPS, where InterGlobe is the operator in country. And so I can imagine a similar type of relationship, where Archer and InterGlobe have a partnership and there's shared operations in country.

如果你看看其他大公司的國際運作方式，我認為我們可以得出一些有趣的相似之處。例如，在國際上，我們也可能分享營運的所有權。因此，InterGlobe 與 UPS 建立了業務合作夥伴關係，InterGlobe 是該國的營運商。因此，我可以想像一種類似的關係，Archer 和 InterGlobe 建立了合作夥伴關係，並且在該國擁有共同的業務。

Got it. That's super helpful. And thanks for that fun fact; I did not know that myself. Maybe as a follow-up question for you or maybe Tom, regarding the piloted test flights. So it looks like we're targeting mid-2024 to begin those. I'm curious, how do you anticipate that test flight program kind of ramping up? How long would you anticipate that to take until you feel confident enough to enter into service? I'm trying to get a sense of how long will the piloted test flight have to run through until you're confident enough to enter into service. Is that something that will take weeks, months? Just trying to get a better feel for that.

知道了。這非常有幫助。感謝這個有趣的事實；我自己也不知道。也許是向你或湯姆提出的關於試飛的後續問題。所以看來我們的目標是在 2024 年中期開始這些工作。我很好奇，您預計試飛計畫會如何推進？您預計需要多長時間才能有足夠的信心投入服務？我想了解一下，在您有足夠的信心投入使用之前，試飛需要多長時間。這需要幾週、幾個月的時間嗎？只是想對此有更好的感覺。

Absolutely. So the first thing to keep in mind there is we need to prove the aircraft is safe to ourselves. And so we'll do that through an extensive campaign of company flight testing, not just with that first aircraft, but with the suite of 6 aircraft that we're building. And that will take months to go through that testing.

絕對地。因此，首先要記住的是，我們需要證明飛機對我們來說是安全的。因此，我們將透過廣泛的公司飛行測試來實現這一目標，不僅使用第一架飛機，還使用我們正在建造的 6 架飛機。測試需要幾個月的時間。

But then back to the fleet of 6 conforming aircraft that we mentioned, 6 is not an arbitrary number there. That's essentially designed based on our detailed certification flight test campaign, where we go through and plan exactly what tests we need to do, what aircraft we will use for those tests and essentially mirror the specific configuration and which systems are conformed on which aircraft to achieve the goals in that test campaign.

但回到我們提到的由 6 架合格飛機組成的機隊，6 並不是一個任意數字。這本質上是根據我們詳細的認證飛行測試活動而設計的，我們在其中進行並準確地規劃我們需要進行哪些測試，我們將使用哪些飛機進行這些測試，並基本上反映了具體配置以及哪些系統符合哪些飛機要達成的目標該測試活動的目標。

So hard to pin down exactly how long that will all take, but we have a pretty detailed plan. And yes, we're excited to start flying with a pilot next year.

很難確定這一切需要多長時間，但我們有一個非常詳細的計劃。是的，我們很高興明年就能開始與飛行員一起飛行。

Our next question is from Edison Yu, with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Edison Yu。

I just wanted to come back on the 6 aircraft. Can you give a sense of how much time you need to actually build these things? And also, do you need to have 6 all at once? Does 1 go up and then 1 flying and you build another 1? Just how to sequence the 6 aircraft in the timeline.

我只想搭乘 6 號飛機回來。您能大概了解實際建造這些東西需要花多少時間嗎？還有，你需要同時擁有6個嗎？是否 1 上升，然後 1 飛行，然後您再建造另一個 1？只是如何在時間軸上對 6 架飛機進行排序。

Sure. So we've got parts in production for these first aircraft across our supply base today, and not just for the very first 1, but in some cases parts for the second and third. Those aircraft then -- those parts arrive at our facility here in San Jose to be assembled together, and that process obviously takes time. So there will be some parallel manufacturing of those aircraft, where we're doing the assembly of first and second, second and third at the same time, et cetera.

當然。因此，今天我們的供應基地正在生產第一架飛機的零件，不僅是第一架飛機的零件，在某些情況下還包括第二架和第三架飛機的零件。然後，這些飛機 - 這些零件抵達我們位於聖荷西的工廠進行組裝，這個過程顯然需要時間。因此，這些飛機將會進行一些並行製造，我們將同時組裝第一架和第二架、第二架和第三架，等等。

But then tying it again back to the flight test plan, the aircraft have very specific objectives. And so we're mirroring the, you can think of it as, maturity or essentially which systems are conformed on each of those aircraft to mirror what we need to accomplish those flight test goals.

但如果再與飛行測試計畫連結起來，飛機就有非常具體的目標。因此，我們正在反映，你可以將其視為成熟度，或者基本上是每架飛機上符合哪些系統，以反映我們完成這些飛行測試目標所需的內容。

So it will take us the majority of next year to produce those 6 aircraft. We don't need them all at once, but they're staggered, essentially, in an optimal way to support our flight test campaign.

因此，我們明年將花費大部分時間來生產這 6 架飛機。我們不需要一次性全部使用它們，但本質上它們以最佳方式交錯排列，以支援我們的飛行測試活動。

Understood. And then unrelated to that, more of a financial question, I know you got the first DoD payment. Can you give us a sense of how that ramps up? Is it essentially there's a big payment with the delivery? And how that stream kind of comes in.

明白了。與此無關，更多的是財務問題，我知道你收到了國防部的第一筆付款。您能為我們介紹一下這種情況是如何發展的嗎？交貨時本質上是要支付大額付款嗎？以及該流是如何進入的。

Edison, this is Mark. So we are still in the process of working out the specific accounting with some advisers on the accounting treatment and where that actually lands in the P&L geography. But we do anticipate deliverables throughout 2024 and actually in the rest of 2023 and receiving payment for those deliverables.

愛迪生，這是馬克。因此，我們仍在與一些顧問一起制定具體的會計處理方案，以及其在損益表中的實際位置。但我們確實預期 2024 年全年交付成果，實際上是 2023 年剩餘時間交付，並收到這些交付成果的付款。

A lot of it was outlined in our shareholder letter around what the bulk of the work will be focused on with respect to 2024, which we'll be focusing on work with the Air Force on training pilots, specifically using the mobile flight simulator that we have just received our first payment for, assessing flight controls and then really improving the Air Force and the personnel's understanding of the operational capabilities of the aircraft for future use. So a lot of that will be delivered or most of that will be delivered largely next year. Some of that will be delivered later this year as well.

我們在股東信中概述了很多內容，圍繞 2024 年的大部分工作重點，我們將重點與空軍合作培訓飛行員，特別是使用我們的移動飛行模擬器剛剛收到我們的第一筆付款，用於評估飛行控制，然後真正提高空軍和人員對飛機未來使用的作戰能力的了解。因此，其中許多將在明年交付，或大部分將在明年交付。其中一些也將於今年稍後交付。

So it will be the revenue or, I should say, the cash received for those will be somewhat prorated, you could think about, over the course of the next 4 to 5 quarters.

所以這將是收入，或者我應該說，在接下來的 4 到 5 個季度中，您可以想像一下，這些收到的現金將按比例分配。

Our next question is from David Zazula, with Barclays.

我們的下一個問題來自巴克萊銀行的大衛·扎祖拉。

I guess, can I ask if you could give any color that you have on the terms of the agreement with BETA? Specifically, is there any revenue stream that would be flowing towards them as part of you using the charging infrastructure? And then I guess, associated with that, with a multimodal solution, do you feel like you're giving up anything in the way of your recharge time and capability with something that's more broadly able? Or do you feel like you're still in the same ballpark of the numbers you put together 2 years ago?

我想，請問您是否可以對與BETA的協議條款給出任何顏色？具體來說，當您使用充電基礎設施時，是否有任何收入來源會流向他們？然後我想，與此相關的是，透過多式聯運解決方案，您是否覺得您正在放棄充電時間和功能方面的任何東西，而轉而採用更廣泛的功能？或者你覺得你的數字還是與兩年前的數字相同嗎？

Sure. Happy to talk about that. So in terms of the last part of your question, our operational capabilities, just to be super clear, the path we've chosen, aligning with BETA and GAMA and the rest of the industry, absolutely supports our operational goals of turnaround time, fast charging, et cetera.

當然。很高興談論這個。因此，就你問題的最後一部分而言，我們的營運能力，非常明確的是，我們選擇的路徑，與 BETA 和 GAMA 以及行業的其他部分保持一致，絕對支持我們的營運目標，即周轉時間、快速充電等。

With regard to the first part of your question and the specific partnership with BETA, we have purchased some equipment for them specifically around the charging and cooling equipment. Their team has done a phenomenal job. They've made a bunch of great investments in that space. And really by partnering with them and the rest of the industry, we're positioned really well to help scale and distribute this aircraft at all these locations around the country and around the world. That's really the driving force behind it.

關於你問題的第一部分以及與BETA的具體合作關係，我們已經為他們購買了一些設備，特別是充電和冷卻設備。他們的團隊做得非常出色。他們在這個領域進行了大量投資。實際上，透過與他們和行業其他公司合作，我們處於非常有利的位置，可以幫助在全國和世界各地的所有這些地點擴展和分銷這架飛機。這確實是背後的驅動力。

Does that make sense?

那有意義嗎？

It does, yes. And then I guess, a broader one, I'm not sure how much you can talk about it, but there's certainly been a lot of news about people that are in the electric vehicle business kind of ramping down expectations, having difficulty with supply chains, having difficulty with the IRA, just a general slowing of that business. Is any of that impacting you and your supply chain or any of the materials that you need to be able to ramp up the Archer aircraft in the timeline you've specified?

確實如此，是的。然後我想，更廣泛的一個，我不確定你能談論多少，但肯定有很多關於電動汽車行業的人降低期望、供應鏈遇到困難的新聞，在IRA 方面遇到困難，只是該業務普遍放緩。這些是否會影響您和您的供應鏈，或影響您在指定的時間表內提升 Archer 飛機所需的任何材料？

David, this is Adam. So no, we have not seen an impact from the broader EV market slowdown impacting the eVTOL supply chain. I think that's probably because the volumes that we are working with are much smaller and we use different suppliers. So for example, I don't believe anybody, like, in the EV space is using Honeywell or Safran or Garmin, as examples. So we have not seen any impact from that.

大衛，這是亞當。因此，我們還沒有看到更廣泛的電動車市場放緩對 eVTOL 供應鏈的影響。我認為這可能是因為我們正在合作的數量要小得多，並且我們使用不同的供應商。例如，我不相信電動車領域的任何人都在使用霍尼韋爾、賽峰或佳明作為例子。所以我們沒有看到任何影響。

Great. And then if I could just squeeze one more in a little. You had talked about airworthiness and progress there. Is there anything you would talk about specifically in terms of the battery certification plan? I understand your batteries may be a lower risk of certification than some other designs that are out there. But any color you can provide on the battery certification process.

偉大的。然後如果我能再擠一點就好了。您談到了那裡的適航性和進展。關於電池認證計劃，您有什麼具體可以談的嗎？我了解您的電池比其他一些設計的電池獲得認證的風險可能更低。但您可以在電池認證過程中提供任何顏色。

Sure. We're still super happy with our choice to use cylindrical cells. We think that basically provides both a more robust economical system as well as a safer system. So super happy with that. Can't give any updates on the battery certification details because that's still a working area for us and the FAA.

當然。我們仍然對使用圓柱形電池的選擇感到非常滿意。我們認為這基本上提供了一個更強大的經濟系統以及一個更安全的系統。對此非常滿意。無法提供有關電池認證詳細資訊的任何更新，因為這仍然是我們和 FAA 的工作領域。

Our next question is from Austin Moeller, with Canaccord.

我們的下一個問題來自 Canaccord 的 Austin Moeller。

So just my first question here. With the announcement of the India agreement, does that essentially bring your backlog if you include United to around 500 aircraft? And should we expect at some point that you'll be able to draw some predelivery payments off that backlog to generate some cash?

這只是我的第一個問題。隨著印度協議的宣布，如果將聯合航空計入大約 500 架飛機，這是否會導致您的訂單積壓？我們是否應該期望在某個時候您能夠從積壓訂單中提取一些交付前付款以產生一些現金？

Austin, this is Adam. So we don't quote a backlog from the different agreements that we have. Really, the strategy that we put in place for especially the international side has been to partner with some of the largest providers, the governments, the regulators that will allow us to launch these networks. There certainly is the potential for additional predelivery payments that come forward, but a lot of the market is still developing. And so we've focused very heavily on the partnership side to develop those relationships so we can figure out the most efficient way to really just deploy the vehicles as they come off the manufacturing lines. As we continue to mature those relationships, we will certainly provide updates and keep you up to date.

奧斯汀，這是亞當。因此，我們不會引用我們所擁有的不同協議中的積壓訂單。事實上，我們特別為國際方面製定的策略是與一些最大的提供者、政府、監管機構合作，這將使我們能夠啟動這些網路。當然有可能會出現額外的預付款，但許多市場仍在發展中。因此，我們非常注重合作夥伴關係來發展這些關係，以便我們能夠找到最有效的方法，在車輛下線時真正部署它們。隨著我們不斷完善這些關係，我們一定會提供更新並讓您了解最新情況。

Okay. Great. That's helpful. And then just if we think about the regulatory side of the equation, what is the latest that you've heard in your conversations with FAA officials on the number of pilots that will be required to be able to operate the aircraft and pilot training relative to what's already permitted with helicopters?

好的。偉大的。這很有幫助。然後，如果我們考慮一下等式的監管方面，您在與美國聯邦航空局官員的對話中聽到的有關能夠操作飛機和飛行員培訓的最新信息是什麼直升機已經允許做什麼？

So we haven't heard any updates on the progress of the SFAR, because I think you're referring to the content in there that referenced potential need to have dual flight controls for some aircraft. Just to make sure you have the right context there, that was not around the commercial operation of these aircraft as much as the training capability for pilots. So we shared our position, along with GAMA and the rest of the industry, on that. The FAA is now in the rule-making process for that. So no update to share and, obviously, can't speak on behalf of the FAA.

因此，我們還沒有聽到有關 SFAR 進展的任何更新，因為我認為您指的是其中提到某些飛機可能需要雙重飛行控制的內容。只是為了確保您擁有正確的背景，這不是圍繞這些飛機的商業運營，而是圍繞飛行員的培訓能力。因此，我們與 GAMA 和其他行業人士分享了我們的立場。美國聯邦航空局目前正在為此制定規則。因此，沒有任何更新可以分享，而且顯然不能代表美國聯邦航空局發言。

Our next question is from Josh Sullivan, with Benchmark.

我們的下一個問題來自 Benchmark 的 Josh Sullivan。

Just on the InterGlobe shared model, how should we think about that flowing through Archer's revenue model? I think it mentions financing for 200 aircraft, but it sounds like there's a shared service aspect to it. Give us a little color on how that might flow through Archer's model when it's executed.

就 InterGlobe 共享模型而言，我們應該如何看待 Archer 的收入模型？我認為它提到了 200 架飛機的融資，但聽起來似乎有共享服務方面的內容。請給我們一些關於在執行 Archer 模型時如何流動的說明。

So there is a -- we've talked about our overall operating model, where we have the ability to sell planes and then we have the ability to operate planes ourselves. In the international markets, it will likely be a mix of shared operations as well as selling planes. So the InterGlobe relationship is still early, and we don't have any additional color to provide there, but there's certainly an opportunity for the ability for us to share in the operations there and really work with them to stand up the entire air taxi division.

因此，我們已經討論了我們的整體營運模式，我們有能力銷售飛機，然後我們有能力自己運作飛機。在國際市場上，它可能是共享營運和銷售飛機的結合。因此，InterGlobe 的關係還處於早期階段，我們沒有任何額外的色彩可以在那裡提供，但我們肯定有機會分享那裡的運營，並真正與他們合作，以建立整個空中出租車部門。

Got it. And maybe one for Mark, just on the nonrecurring costs that you're expecting to tail off in 2024. What should we expect the cadence of that to look like and maybe the magnitude as well?

知道了。也許對馬克來說，只是關於您預計在 2024 年減少的一次性成本。我們應該期望這種節奏是什麼樣的，也許還有規模？

We talked about it previously. I mean, the cadence is generally after the first half of the year we'll see that -- it will start dropping off at the beginning of the year and then tail off such that -- we said the current pace is that they will drop off by the end of the year. Clearly, that's dependent on timing of execution with our supply chain and partners, et cetera.

我們之前談過。我的意思是，節奏通常是在今年上半年之後，我們會看到——它會在年初開始下降，然後逐漸減弱——我們說目前的節奏是它們會下降到年底就關閉了。顯然，這取決於我們的供應鏈和合作夥伴等的執行時間。

But I'd also like to highlight that as those drop off, we will be investing in other areas of the business. Clearly, as we're ramping up manufacturing and quality, we'll be investing into the 6 -- for materials into the 6 conforming aircraft and other areas of the business.

但我還想強調，隨著這些下降，我們將投資其他業務領域。顯然，隨著我們提高製造和質量，我們將投資 6 飛機和其他業務領域的材料。

There are no further questions at this time. So I'll turn the call back to Adam Goldstein for closing remarks.

目前沒有其他問題。因此，我將把電話轉回給亞當·戈德斯坦（Adam Goldstein），讓其致閉幕詞。

Thank you, everyone who's joined the call today as well as the entire Archer team for their relentless execution in what has been another great quarter.

感謝今天加入電話會議的每個人以及整個 Archer 團隊，感謝他們在又一個出色的季度中的不懈執行。

Our production-designed aircraft, Midnight, took flight for the first time, and we're on track to rapidly advance to full wind-born flights over the coming months, paving the way for us to begin for-credit testing with the FAA. Our commercial team is now in full swing, both domestically and abroad, from our U.S. launch cities with United Airlines to our newly announced international launch markets of India and UAE to our industry-leading contract with the U.S. Air Force.

我們量產設計的飛機 Midnight 首次飛行，我們預計在未來幾個月內迅速推進完全靠風飛行，為我們開始接受美國聯邦航空局 (FAA) 的信用測試鋪平道路。我們的商業團隊目前在國內和國外都在全面展開，從我們與聯合航空公司的美國發射城市到我們新宣布的印度和阿聯酋的國際發射市場，再到我們與美國空軍簽訂的業界領先的合約。

We ended the quarter with nearly $600 million in liquidity, and I couldn't be more excited about the quarter ahead.

本季結束時，我們擁有近 6 億美元的流動資金，我對未來的季度感到非常興奮。

Thank you again to our team and everyone on the call today.

再次感謝我們的團隊和今天參加電話會議的每個人。

That concludes today's conference call. Thank you for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。